NFCU Pre Approval????

So the lady that took my info said this was a good sign... Can someone tell me what happens from here?

Thank you in advance for any input

MORTGAGE LOAN PRE-APPROVALDate: 10/08/2012

Dear XXXXXX,

Navy Federal Credit Union (NFCU) is pleased to advise that based on the information provided and a review of your credit, you have been pre-approved for a mortgage loan subject to the following terms and conditions:

This pre-approval is good for 60 days from the above date. Any change in the information provided may require a re-evaluation of your loan request.

Navy Federal Credit Union is pleased to provide this service to you. Upon ratification of a sales contract, please notify your loan officer in order to complete your loan application and make arrangements for settlement.Corpus Christi Mortgage Team

Re: NFCU Pre Approval????

Hello! This could be a great thing, but a word of caution: It may not be all it's cracked up to be!

Not all pre-approvals end with a closing. My FH was pre-approved by NFCU with a midscore of 740. Then we got assigned a loan officer and made an offer and got the house under contract. We went to submit the final packet for underwriting, and they ended up saying that he couldn't qualify by himself for income reasons, then I had to be put on the loan. In the end, they denied us because my scores (a 619, 645, and 658) while within parameters, were not as "high" as they'd like to see. Then again, our loan officer dropped the ball on a few parts of the application. So I would definitely make sure you get a good, involved loan officer that will keep you in the loop, and then take it from there. If all else fails with navy fed, try someone else!

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